10 Income taxes
11 Employee benefits expense
The Residential Fund has no employees.
12 Investment property
The Fund’s investment properties are valued by independent external appraisers on a quarterly basis.
13 Investment property under construction
The right of use of land is not applicable for investment property under construction.
14 Trade and other current receivables
The other receivables in 2022 contain half of a one-off settlement (€ 7.0 million) that has been settled in 2023.
15 Cash and cash equivalents
The bank balances of € 52.8 million are freely available to the Fund as at 31 December 2023.
16 Equity attributable to shareholders of Bouwinvest Dutch Institutional Residential Fund N.V.
For 2023, before appropriation of profit
17 Non-current lease liabilities
The average discount rate used for discounting the lease payments is 3%.
18 Current trade and other payables
The other payables relate to invoices yet to be received for maintenance of and investments in the portfolio.
19 Earnings per share
Basic earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year.